With the implementation of the new Land Administration Law of the People's Republic of China, rural collective land in the country can be bought and sold directly into the market since 2020, opening a new chapter in the supply-side reform of the dual structure of urban and rural areas. The political, business and domestic and foreign media have focused on the reform dividend and problems brought about by the new policy.
First of all, it should be pointed out that the premise that collective land can be transferred is still to protect the basic farmland area and the interests of farmers, and to ensure the bottom line of the people's livelihood of the \"three rural\" strategy. Many irresponsible remarks on the Internet, out of context, read the new deal, and did not pay full attention to many of the new land law's detailed rules on related issues, such as the definition and judicial interpretation of \"permanent basic farmland \", and the legislative procedures for the interests of farmers in the collective economy, are a summary of experience and lessons learned from several years of pilot reform. To put it bluntly, the new land law is aimed at the development opportunities and stock problems that China's economy is facing in the new stage of urbanization and industrialization, and will never, nor will it be necessary to break the bottom line of the people's livelihood.
Taking the actual situation of a county in Zhejiang province, which has been widely spread on the Internet and paid close attention to by foreign media as an example, the legalization of the "transfer, lease, mortgage, listing transaction and retransfer" of collective land has stimulated the enthusiasm of the county and township level to release the value of land assets in stock. However, when the rural collective really "investment, trading "industrial park, only to find that market development is not as simple as expected, the income gap caused the collective land owners – farmers doubt or even complain, where is the money Murakami sold land?
Zhejiang's case represents a typical phenomenon under the new normal state of china's economy. On the one hand, while the real estate bubble is being effectively defused, the expectation of irrational rise in land value is still in the minds of many; on the other hand, the rural collective land management needs professionals and enterprises, and the simple and rugged development model has long been out of date. Even industrial parks along the southeast coast, even at the prefectural level, must be upgraded to attract investment, not to mention industrial parks at the grass-roots level.
So, the southeastern coastal areas are facing the challenge of collective land management, the central and western regions are more difficult? The actual situation is not so, it is precisely with a large number of southeast coastal technology, management, talent gradually \"back to the\" central and western \", many investment and consumption \"depression\" county economic development to usher in the opportunity. If you look carefully at the retail data of the major e-commerce platforms in 2019, their geographical distribution shows that growth in first-tier cities such as the north has slowed, while growth at the county and township levels in the wider Midwest has continued to be high.
It can be seen that the potential of consumption upgrading in China's economy is accompanied by the development of urban and rural integration, which is undoubtedly the most potential area for investment in the third decade of the 21st century. Rural revitalization strategy is also based on this, relying on the three-dimensional layout of modern agriculture and health care industry, collective land circulation is the basic legal guarantee. The author's recent research found that as an upgraded version of \"card-type\" tourism, many investment in leisure tourism is limited by collective land property rights, so many long-term investment cannot go to the countryside; and in the past few years, many tourism complex, RV camp projects around the country, because of the lack of land property rights norms, even touched the red line of permanent basic farmland, let alone through the capital market financing development.
Agriculture and tourism are both asset-oriented and capital-oriented industries, and long-term development cannot be separated from modern financial services in capital markets. Take the RV camp project as an example. Without long-term capital and capital planning, the point-shaped industrial layout is hard to achieve sustained profitability. A few of the most profitable projects now revolve around a small group of special people in the yangtze delta. Although ambitious, radiating the central and western regions really needs to form a benign mechanism on land.
Therefore, the market expects that this year the provinces will be able to implement new land laws in accordance with local rules. In particular, the county economy with its own characteristics, including the poor counties with the most green water and green mountains, with the gradual removal of the hat of the poor counties, through the collective land real estate registration, the right to transfer transactions to stimulate the new vitality of the grass-roots economy. After all, our country has long formed the system of \"unified registration of real estate by the state \", which makes equal right to the right holders, including collective ownership, so as to attract external investment to integrate resources.
In a word, the county economy effectively utilizes the new policy, and there are no institutional obstacles to the registration of laws and property rights since 2020. In addition to abandoning the illusion of \"savage development and rapid appreciation\" of land, governments at all levels should actively follow the new rules and regulations of their provincial governments and actively introduce long-term investors in powerful industries such as agriculture, health care and tourism to manage land. Technically, the county economy can make full use of the county's investment and financing platform, from the beginning of the collective land as a market-oriented asset objective view, with financial conditions can also help the collective economy to effectively manage, resolve the land barriers to urban and rural integration, revitalizing the vast number of villages. (The author is chief economist of China Stock Exchange and academic member of Pangu think tank)